Answered

Welcome to Westonci.ca, the place where your questions find answers from a community of knowledgeable experts. Explore a wealth of knowledge from professionals across various disciplines on our comprehensive Q&A platform. Connect with a community of professionals ready to help you find accurate solutions to your questions quickly and efficiently.

Suppose that a firm currently produces 100 units using 10 units of K and 14 units of labor per day. The wage rate is $100 and the rental rate is $150 per day. The cost to produce this output is

Sagot :

Parrain

Answer: $2,900

Explanation:

The cost of this amount of output is:

= (Amount of K used * Rental rate of capital) + (Amount of labor used * wage rate)

= (10 * 150) + (14 * 100)

= 1,500 + 1,400

= $2,900

Thank you for your visit. We are dedicated to helping you find the information you need, whenever you need it. Thank you for choosing our platform. We're dedicated to providing the best answers for all your questions. Visit us again. Thank you for using Westonci.ca. Come back for more in-depth answers to all your queries.